Thursday, May 12, 2016

HFF closes $105.28 million sale of Aventura Corporate Center in Miami, FL

Aventura Corporate Center, Aventura, FL

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Aventura Corporate Center, a three-building, core office park with 252,244 square feet of Class A office space in Aventura, Florida, an affluent northeastern suburb of Miami.

HFF marketed the property on behalf of the seller, Groupe Pacific.  Renaissance Properties purchased the park for $105.28 million.

Manuel de Zarraga
Aventura Corporate Center consists of 20801, 20803 and 20807 Biscayne Boulevard, plus three parking garages and significant additional development rights.  The campus-like setting offers tenants an on-site café and the Coconut Grove Bank featuring a drive-through teller.

  Major tenants include Morgan Stanley, South Broward Hospital, Regus, Serendipity Labs and Corpac Steel.  Aventura Corporate Center is located at the intersection of Biscayne Boulevard and NE 207th Avenue across from the world-class Aventura Hospital and Medical Center.

  This location is the midpoint of a one-mile stretch filled with more than 400 retailers at landmarks including Aventura Mall, Promenade Shops at Aventura, Aventura Commons and The Village at Gulfstream Park.  

The AC Hotel by Marriott and the ParkSquare Aventura developments underway on-site and adjacent to the park, will create a walkable “Town Center” atmosphere when complete.

The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga, director Ike Ojala, senior managing director Hermen Rodriguez and associate director Jorge Portela.  The buyer was represented by Bob Dockerty of Dockerty Romer & Co.

“Aventura Corporate Center represents the largest concentration of office product in Aventura, and was a truly generational opportunity for the new owner to acquire a core office park with significant additional development upside in one of Miami’s most coveted areas,” said de Zárraga.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

NAI Realvest Negotiates $2 Million+ Purchase of Industrial Properties in NW Orange County, FL

Jay Rohr
ORLANDO, FL – NAI Realvest recently negotiated the acquisition of two industrial properties – a 43,713 square foot manufacturing / warehouse facility that sold for $1,652,000 and an adjacent 3.80 acres of vacant land on rail for $390,000 – located on Clark Street in Apopka, northwest Orange County.  

Tom R. Kelley II, CCIM a principal at NAI Realvest, negotiated both transactions on behalf of the buyer MBS Orlando Real Estate, LLC.   

Wiretec Ignition Inc. of Palmetto Florida is the seller of the industrial building and Metroone Development Company of Winter Park is the seller of the vacant adjacent acreage.  The sellers were represented by Jay Rohr of Metro One.

 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

Meridian Capital Group Arranges $11.4 Million in Permanent Financing for BJ’s Wholesale Club in Homestead, FL

Jason Grimm

Boca Raton, FL, May 12, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $11.4 million in permanent financing for the refinance of a single-tenant retail property in Homestead, FL.

The 15-year, self-liquidating, non-recourse loan was provided by a regional balance sheet lender and features a fixed-rate of 4.00% for the first seven years, followed by a fixed-rate of 4.50% for the remaining term. 

This transaction was negotiated by Meridian Vice President, Jason Grimm, who is based in the Company’s Boca Raton, FL office.

The 136,000 square foot retail property is located at 650 SE Eighth Street near the intersection of Ronald Reagan Turnpike and South Homestead Boulevard. 

Anchor BJ’s Wholesale Club is a national membership-only retail chain offering bulk groceries, electronics, apparel, furniture and much more. The superstore also includes BJ’s Gas, BJ’s Optical and BJ’s Tire Center.

“Meridian worked closely with the lender to satisfy the client’s tax and insurance-related requests and was able to negotiate a springing recourse option in the event that BJ’s Wholesale did not renew its lease upon its expiry in 10 years,” explained Mr. Grimm. “Meridian then helped the client mitigate interest rate risk by locking a 4.00% rate for the first seven years, followed by 4.50% for the remaining term,” he added. 

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group